Brian Cowen (Laois-Offaly, Fianna Fail)

I do not accept that in any sense whatsoever. I do not accept the assertions being made by the Deputy. On the question of the involvement of the financial sector in the preparation of legislation, yesterday the Financial Regulator, Mr. Elderfield, and the Governor of the Central Bank, Professor Honohan, produced a consultation paper on various regulatory changes they now envisage in respect of corporate governance matters. They are putting that out for consultation so that they may hear the views of people in the industry. This does not mean that they are beholden to the industry, but rather that they are listening to the industry to see whether there are practical issues to be considered - to ensure that the best possible practice is applied and that it will be effective and will work. That is not regarded as something that should not be done, yet the Deputy suggests that the same process in the past was somewhat nefarious. I do not see the consistency in that approach.

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